What Can a Location Data Domain Do for You?
By Kerry Young on Oct 9, 2020
Data is more connected and interdependent than ever before. For modern businesses, Multi-Domain MDM (Master Data Management) is not just a nice-to-have capability, but a necessity. And one domain that’s often overlooked is the Location Data Domain.
Why is Location data so crucial?
When you have multiple locations (stores, distribution centers, offices, branches, etc.), small gaps in data can create big problems. The Location Domain adds invaluable context to the other data, helping fill those gaps and eliminate inefficiencies, risk, and waste. Let’s explore the ways the Location Domain can compound the benefits of the other data domains.
Connecting the Domain Dots
To grasp the full value of the Location Data Domain, it’s important to understand the basics of Multi-Domain MDM. When enterprises use multiple domains of managed data, each category of data can enrich the other domains for improved business intelligence. According to Aberdeen Research, 69 percent of companies with a multi-domain approach to MDM saw an improvement in decision accuracy.
We call this Cross-Domain Intelligence, and it enables an unparalleled level of business insight and analytics based on a single source of truth. With a Multi-Domain MDM solution, organizations can centralize and connect Location data to other domains like Product, Customer, Supplier, and Asset. Location data adds the context of “Where” to these domains, helping organizations improve analytics and forecasting, as well as formulate big-picture initiatives.
When Location data intersects with multiple data domains, it can be a powerful asset and the missing piece to your analytics puzzle.
The Interconnectivity Between Location Data and Other Data Domains
When exploring the benefits of incorporating Location data into your Multi-Domain MDM strategy, it’s helpful to use real-world examples.
Product Domain Intersection
The Product Domain is one of the most valuable intersections. There are many benefits of viewing Product and Location data together, but the following stand out:
- Improving product assortments: Retailers can gain valuable insights by combining Location and Product data to improve product assortments based on sales, product availability, and customer preferences per region and location.
- Tracking recalls: Location data can be a life-saver (literally) in recall situations. Manufacturers, suppliers, distributors, and retailers can all benefit from viewing Product data in relation to where products are made, shipped, sold, and consumed. In recall situations, companies can quickly identify affected locations to take immediate action.
- Lowering risk: For example, if a manufacturer sells to a large retail chain, yet some products are not sold in specific areas, they can track and link this Location and Product Data to ensure the right inventory is sent to the correct stores, saving time and money.
Customer Domain Intersection
Customer data is powerful, but when companies can relate their customer data to other data entities, like Location and Product, it can be revolutionary.
Customers in one location may have completely different preferences than those in another area. And this discrepancy doesn’t have to be regional. Often, customers in different parts of the same town have drastically different preferences based on their demographics and lifestyles. We saw this play out recently during coronavirus quarantines, where offers and preferences greatly varied per location (e.g., NYC customers had different needs than those in rural areas where the virus had not spread).
If you understand who your customer is, what they buy and why, where they buy it, and what they might want next, you have a deep insight that can take your engagement to the next level of personalization.
Supplier Domain Intersection
The supply chain has taken on greater importance in 2020. We’ve all witnessed the deep impact of disruption to the flow of commerce. Agility remains crucial to supply chain success, and the Location Data Domain plays a considerable role in maintaining an efficient supplier network.
Location data helps enterprises quickly identify suppliers available in a specific region. When companies have the context of “Where” with their suppliers, they can increase supply chain efficiencies and create flexibility and redundancy when hiccups or gaps occur.
Asset Domain Intersection
Tracking physical assets like machinery and delivery trucks – including maintenance and certification schedules – can prove burdensome for companies with many locations. And when the assets vary by location, it can complicate things further.
For example, consider a coffee chain that’s launching a new type of beverage. Some stores may offer the new drink while others won’t. The participating stores will need different machinery and equipment, which also means their maintenance and certification schedules may change. Variance in ingredients per location also applies, meaning the Product Domain intersects as well. Without a clear view of data, the coffee chain will fail to deliver the right drinks, at the right place, at the right time.
By adding in the Location Domain, organizations can keep the assets and ingredients in alignment based on the destination, ensuring their customers get the products they desire.
Don’t Overlook Location Data Any Longer
If your organization operates across multiple stores, offices, warehouses, regions, or countries, the Location Domain can be a powerful tool to gain clarity and intelligence across your operation. To learn more about the Location Domain as part of a Multi-domain MDM Strategy, download our guide here.
About the author
Kerry Young joined EnterWorks in 2006 when Ennovative, Inc., the multi-channel publishing software company he co-founded, was acquired by EnterWorks. He directs EnterWorks’ operations and leads EnterWorks’ professional services and consulting organization, ensuring effective customer implementations and ongoing success. Mr. Young brings more than 25 years of technology and business management experience to EnterWorks, having served as CTO for a subsidiary of the Dow Chemical Company, and earlier as VP, Information Technology for Marshall Industries, a $1.7 billion industrial electronics distributor. He previously managed information systems for a subsidiary of McDonnell Douglas Corporation. Mr. Young holds a B.S. degree in Computer Science from Cal Poly, San Luis Obispo and an M.B.A. from California State University Fullerton.
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